Work on a huge logistics facility in Nottingham is underway after planning permission was granted. Barwood Capital’s Regional Property Growth Fund acquired the 16-acre site close to Junction 26 of the M1 in August 2021, and now have received planning approval for a 361,000 sq ft warehousing and distribution unit.
Once built, Nottingham 360 will be a high-bay logistics and production facility with a 328,759 sq ft warehouse on the ground floor and an additional office space of 32,874 sq ft. Asset Management Director at Barwood Capital, Adam Smith, said: "With a key focus on ESG credentials that will deliver BREEAM Excellent and Net Zero in construction, Nottingham 360 is ideally located in the heart of the UK road network.
"We look forward to delivering the scheme at a time where occupational demand remains robust for sustainable and well-located buildings." Director at Premcor Estates, Robert Lane, said: "Nottingham 360 will be a best-in-class logistics scheme and we are excited to be bringing this forward in such a supply constrained market.
"We also look forward to working with Barwood and the whole team to deliver the project." Winvic is the main contractor for the scheme, and expects construction to be completed by December 2023.
Barwood’s Growth Fund IV is fully invested and its Growth Fund V is still open for investment, after already securing investor commitments of over £42m. The main strategy for the Growth Fund series remains to invest in underperforming, undermanaged or obsolete real estate throughout the UK regional markets, which have the potential to deliver strong and sustainable growth through planning, development and proactive asset management.
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